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Economics WAEC Past Questions

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1906

In perfectly elastic supply, the supply curve

  • A. is vertical
  • B. is horizontal
  • C. slopes downward
  • D. slopes upward
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1907

An example of transfer payments in national income accounting is

  • A. money transferred to another country
  • B. transfer of funds from one bank to another
  • C. unemployment allowance paid to the citizens
  • D. the amount paid to a worker on transfer
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1908

Which of the following industries will add more value to primary products?

  • A. Construction industry
  • B. Processing industry
  • C. Mining industry
  • D. Service industry
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1909

A consumer of a single commodity is in equilibrium when

  • A. his marginal utility is equal to zero
  • B. he can equate his demand with price
  • C. he equates marginal utility and price
  • D. he can equate his marginal and total utilities
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1910

Foreign investment and long term securities in the balance of payment accounts are recorded as

  • A. current account transaction
  • B. capital account transaction
  • C. balance of trade account transaction
  • D. invisible balance account transaction
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